Bank of Baroda soon to empanel one more agency

In all probability, the new agency will be from the Ogilvy Group. Bank of Baroda will step up its ad spends to Rs 50-60 crore, as 2008 marks its centenary

Bank of & #BANNER1 & # Baroda is on the verge of adding another agency to its panel. In December 2005, Bank of Baroda undertook a mega-review of its creative duties and hired five agencies: Euro RSCG, Mudra, FCB Ulka, Lintas Personal and Interpublicity. It is learnt through reliable sources that these five agencies are in no danger, as Bank of Baroda is not seeking to change any of them.

However, the bank is looking to empanel another agency, which is likely to be one of the Ogilvy Group agencies (either O&M or Meridian, if sources are to be believed). The new agency will be brought aboard with the specific purpose of handling the corporate advertising for Bank of Baroda and making it a younger, more proactive brand. It is possible that one of the GroupM agencies may be consulted for the media part. Neither Ogilvy nor GroupM executives could be contacted for comments.

Bank of Baroda's brand ambassador, Rahul Dravid

In 2006, Bank of Baroda's ad spends were around Rs 40 crore, and advertising featuring brand ambassador Rahul Dravid had visibility. The bank, which started operations in 1908, also revamped its logo and corporate identity last year. It christened the revamped logo, a dual 'B' that holds the rays of the rising sun, the 'Baroda Sun'. The single colour vermilion palette was chosen for its distinctiveness as it stands for hope and energy.

As Bank of Baroda is nearing 100 years of its existence, there will be a thrust on advertising. Hence, ad spends have been upped to Rs 50-60 crore. Furthermore, it is learnt that cricketer Rahul Dravid is likely to be dropped from the bank's communication, although no confirmation on the same could be obtained. As is known, Dravid also endorses another brand in the financial space, Max New York Life Insurance, which may be a cause for brand blurring in the minds of customers. However, the re-launched logo and brand identity will be retained, say sources.

For the record, O&M currently handles Bank of India, which has enjoyed visible media presence in recent ads based on the thought 'Rishton ki Jamapoonji'.